Edgen calls $26.69 million 12¼% notes remaining after tender offer

By Marisa Wong

Madison, Wis., Oct. 17 - Edgen Group Inc. will redeem the remaining $26,692,000 principal amount of its 12¼% senior secured notes due 2015 on Oct. 19, according to an 8-K filing with the Securities and Exchange Commission.

The outstanding notes will be redeemed at par plus an applicable premium and accrued interest to the redemption date.

Edgen issued a redemption notice after settling the tender offer and consent solicitation for its 12¼% notes. The company announced on Oct. 15 that it received tenders and consents for $438,308,000, or 94.26%, of its $465 million 12¼% notes as of 5 p.m. ET on Oct. 15, the consent deadline.

The company needed consents from holders of at least 66 2/3% of the notes to eliminate substantially all of the restrictive covenants and events of default, release the collateral securing the notes and shorten the minimum redemption notice period to three days prior to a redemption date from 30 days.

The tender offer was scheduled to expire at 11:59 p.m. ET on Oct. 29.

Edgen is a Baton Rouge, La.-based steel company.

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